GST has been touted as one of the most crucial tax reforms in the country’s history. The Goods and Services Tax (GST), is changing the way business generally function, hence, the transition and technology-based challenges that have arisen, require smart intervention to ensure full compliance.
Though GST returns can be filed in both manual and automated mode (vis ASPs), however, manual mode can be more time-consuming, less cost-efficient and more prone to errors, putting a strain on your business.
Hence, to help business attain maximum compliance ASPs are the way to go. Let us tell you why:
- ASPs can primarily help you with the resolution of the following compliance issues:
- Differentiation of item-level details in generated invoices
- Tracking of all the entries that have been amended
- Flagging corrections in all the incoming data
- Synchronization with the GSTN
- Timely Allocation and classification of ITC
- Auto Reversals
Hence, to facilitate a smooth transition to automation, cloud-based ASPs and GSPs are the best way to ensure compliance under the new GST regime. Thus, we come to the crucial consideration of how to choose the right ASP.
Choosing the Right ASP:
- Privacy of Data: Data privacy is one of the most important criteria in choosing an ASP, as there is a lot of a confidential data involved in the filing of GST returns. Hence, make sure that the chosen ASP ensures data privacy, to avoid unnecessary problems for your business.
- Storage Capacity: Large storage capacity is the need of the hour since it facilitates easy retrieval of data (For example, data needs to be stored for 8 years, to facilitate annual GST returns)
- Accuracy: Since one of the major reasons for automating the filing process is to get rid of human errors or redundancy, hence, accuracy is of crucial importance.
- Proper Differentiation Between Entities: To avoid incorrect returns and false tax liabilities, make sure that your ASP can differentiate between different entities relevant to your company from those of others in its database.
Now that we’ve mentioned the criteria, we should also add that GreenGST is a perfect match for all your GST related needs. Contact us to know more and get your GST return filings automated and ensure optimum success for your business.